SOURCE: On Track Innovations, Ltd.

September 29, 2005 08:00 ET

OTI and a Government Entity of a Major Asian Country to Establish a Joint Venture for Manufacturing and Selling Electronic Travel Document Inlays for the Asian Government

FORT LEE, NJ -- (MARKET WIRE) -- September 29, 2005 -- On Track Innovations Ltd. (OTI) (NASDAQ: OTIV) (Prime Standard (Frankfurt): OT5), a global leader in contactless microprocessor-based smart card solutions for homeland security, payments, petroleum payments and other applications, today announced that it has established together with a government entity, a joint venture for the manufacture and sale of OTI-based travel document inlays for such government.

The joint venture was approved for establishment by the Asian government authorities. It is estimated that the joint venture will commence commercial manufacturing within nine months.

Oded Bashan, President & CEO of OTI, noted: "The Asian country's Travel Document project is one of the most advanced electronic Travel Document programs. We are excited to team with such respected government entity to form such joint venture, and proud to be selected to provide this government the most advanced solution for manufacturing travel document inlays."

About OTI

Established in 1990, OTI (NASDAQ: OTIV) (Prime Standard: OT5) designs, develops and markets secure contactless microprocessor-based smart card technology to address the needs of a wide variety of markets. Applications developed by OTI include product solutions for petroleum payment systems, homeland security solutions, electronic passports and IDs, micro payments, mass transit ticketing, parking, loyalty programs and secure campuses. OTI has a global network of regional offices to market and support its products. The company was awarded the Frost & Sullivan 2005 Company of the Year Award in the field of smart cards. For more information on OTI, visit

This press release contains forward-looking statements. Such statements are subject to certain risks and uncertainties, such as market acceptance of new products and our ability to execute production on orders, which could cause actual results to differ materially from those in the statements included in this press release. Although OTI believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. OTI disclaims any intention or obligation to update or revise any forward-looking statements, which speak only as of the date hereof, whether as a result of new information, future events or otherwise. Results could differ materially from expected results. OTI undertakes no obligation to update forward-looking statements to reflect subsequently occurring events or circumstances.

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